“… We have deluded ourselves into believing the myth that capitalism grew and prospered out of the protestant ethic of hard work and sacrifice. The fact is that capitalism was built on the exploitation and suffering of Black slaves and continues to thrive on the exploitation of the poor — both Black and white, both here and abroad.”— excerpt from The Three Evils, a speech delivered by the Reverend Martin Luther King Jr in 1967

“The problem is we live in a failed system. Capitalism does not permit an even flow of economic resources. With this system, a small privileged few are rich beyond conscience, and almost all others are doomed to be poor at some level. That’s the way the system works. And since we know that the system will not change the rules, we are going to have to change the system.”– the Reverend Martin Luther King Jr as quoted by Harry Belafonte

As Bermuda approaches a by-election for Constituency 36 and a General Election within the next two years, the allure of fresh political alternatives may seem tempting. The Free Democratic Movement, with its promises of change and economic freedom, might catch the eye of some voters. However, a deeper dive into its platform, as we have seen it so far, reveals why the FDM is not a viable option for Bermuda’s next government — or even as a credible opposition, if equity and liberation is what we seek.

At the heart of the FDM’s platform is an unwavering commitment to capitalism — a system that, while often touted as the path to prosperity, has deep roots in White supremacy and colonial exploitation. This is not just about economic theory; it’s about an historical system designed to extract resources, both human and natural, from the most vulnerable to sustain the over-consumptive lifestyle of the wealthy elite. This system has always disproportionately benefited the rich, who are often White, at the expense of economically marginalised communities, particularly Black people. While the FDM’s leader, Marc Bean, has accused the Progressive Labour Party of being White supremacist, his own party appears to be embracing a system that perpetuates the very ideology he condemns. Lest we forget where he started his political career.

Regardless, neoliberalism, a term often synonymous with modern capitalism, advocates for free markets, deregulation and small government, all of which have historically not served the best interest of the majority. As pointed out by Dani Rodrik, an economist and Harvard professor, “neoliberalism’s fatal flaw is its economics; it is bad economics because it is so inhumane”. This inhumanity is a direct consequence of the system’s inherent bias towards maintaining the power structures established by colonialism and White supremacy.

The FDM seems to claim that economic freedom will lead to a more prosperous Bermuda. However, what they are really advocating for is neoliberalism — a model that has repeatedly failed to deliver on its promises of widespread prosperity. Instead, it has deepened inequality and left the majority worse off. As Rodrik further notes, “neoliberalism has brought about the concentration of wealth in the hands of a few, while the rest are left to struggle”.

Neoliberal policies, which emphasise deregulation and minimal government intervention, are particularly harmful in small economies such as Bermuda’s. The scale of our market makes it impossible to achieve the competitive dynamics that neoliberalism promises. Instead, we end up with monopolies and oligopolies — market structures that stifle competition and innovation while driving up prices for consumers.

In theory, small government, often associated with immense privatisation and reducing social services, is supposed to allow the free market to flourish by reducing the role of the state in economic affairs. In practice, however, it leads to underfunded public services, inadequate social safety nets and increased inequity. Small jurisdictions such as Bermuda cannot afford to have a government that abdicates its responsibility to protect the vulnerable and regulate the market. Our limited resources and population size mean that without strong government intervention, the economic playing field will always tilt in favour of the wealthy and well-connected.

The FDM’s libertarian ideals, which closely mirror those of the Republican Party in the United States and the Tories in Britain, would only exacerbate these issues, leaving the majority of Bermudians worse off. This is not economic freedom; it’s economic oppression, dressed up in the language of liberty.

As a socialist at heart, I find myself in a difficult position as Bermuda’s election approaches. No party represents my ideals. The PLP may claim to be a party of the people, but in reality, it is a faux labour party, masquerading as socialist and progressive while implementing policies that are often indistinguishable from those of its capitalist counterparts. The One Bermuda Alliance is unabashedly the most capitalist party, with policies that have favoured the wealthy and perpetuate the status quo. The FDM, with its libertarian, neoliberal agenda, offers no real alternative. And then there are the independent candidates, led by Sir John Swan, arguably the most successful capitalist in modern Bermuda history. How can a true socialist find any solace in this political landscape? The answer remains unseen.

But what is clear is that Bermuda needs a government that recognises the limitations of capitalism and actively works to mitigate its adverse effects. We need leaders who will prioritise progressive taxation, robust social programmes, and policies that ensure economic equity. The FDM, with its capitalist dogma, is not equipped to provide this. Instead, we should look towards parties and leaders who understand that true economic freedom involves a balance between market forces and government intervention to protect the most vulnerable.

Before I conclude, it is important to note that this critique is based on what I have seen and heard from the FDM in its statements, press conferences, interviews and comments on other Royal Gazette articles. We have not seen its platform in full yet, so I cannot make a definitive decision. However, if its platform centres on deregulation, limiting social services and cutting taxes for businesses, then it is heading down a path that I cannot, in good conscience, support.

As we stand at the crossroads of Bermuda’s political future, it is essential to scrutinise the promises of new political movements. The FDM, with its capitalist foundations, offers nothing more than the illusion of prosperity. For Bermuda to thrive, we must reject the allure of neoliberal policies that favour the rich and instead champion a system that works for all. As Nobel Prize-winning economist Angus Deaton aptly puts it in his recent critique of the field of economics and the ideology of capitalism, “we need to rethink the fundamentals of our economic policies and look for alternatives that ensure the wellbeing of all citizens”.

The upcoming by-election and General Election will undoubtedly be about choosing the least-worst option, or at least the party that will do the least harm. As it stands at present, that is still the PLP, despite its massive shortfalls. If not the PLP, then perhaps the independents can offer hope for true reform. But we can certainly do better, as we deserve better, and thus we must demand better from all parties and independents vying for our votes.

It is time for Bermuda to embrace a future that leaves no one behind; keep this in mind when casting your votes.

Further reading for those interested in a deeper understanding of the intrinsic dangers of capitalism and neoliberalism:

1, A quick video of Angela Davis breaking down the interconnectedness of capitalism and racism: https://www.youtube.com/watch?v=qhh3CMkngkY

2, Rodrick, D. (2017). “The fatal flaw of neoliberalism: it’s bad economics.” [Article]. Retrieved from: https://www.theguardian.com/news/2017/nov/14/the-fatal-flaw-of-neoliberalism-its-bad-economics

3, Deaton, A. (2024). “Rethinking my economics.” [Article]. Retrieved from https://www.imf.org/en/Publications/fandd/issues/2024/03/Symposium-Rethinking-Economics-Angus-Deaton

4, Williams, E. (1944). “Capitalism and Slavery” [Book].

5, Hutchinson, E. O. (1970). “The Myth of Black Capitalism” [Book].

6, Robinson, C. (1983). “Black Marxism: The Making of the Black Radical Tradition” [Book].

• Taj Donville-Outerbridge is an award-winning Bermudian human rights activist, writer and student at King’s College London. He also has a decade of experience in Bermuda’s political system. He can be reached via Instagram @_king.taj_ and e-mail at tdonvilleouterbridge@yahoo.com